| 
February 22, 2023
Google is down to $91.7, after ending yesterday at $92.05. Overall, a 0.37% loss or 34.5 cents today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
While price action maintains a negative bias, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. Fresh 2-Year Note Auction data from United States came out at 4.673. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored.
In the short term, Google is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other communication services stocks as Meta Platforms is down 0.84% from the beginning of the session and now trades around $170.64.
Positive performances can be seen by looking at other communication services stocks as Verizon is up 0.32% to $39.33. AT&T is up 0.34%.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to come out at 1.17 million — worse than previous data of 16.28 million; data will be released tomorrow at 16:00 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 200,000, following on from the preceding figure of 194,000. New data is set to be published tomorrow at 13:30 UTC.
Furthermore, United States GDP is expected tomorrow at 13:30 UTC.
The leading search engine company has fallen back around 35.92% from the significant high of $143.64 set 10 months ago.
